Interesting discussion. I've heard 2% deaths from flu rather than 0.02%, though that does seem pretty high as it would mean for every 10 million people catching the flu, 200,000 would die compared to 20,000. It's more likely to be 0.2%.
As for the higher numbers quoted for elderly deaths from covid, I don't put much faith in those because we don't know the real number of people who are infected. 7 deaths in a 100 people would be 7%. In 10,000 it would be significantly lower. We need information and for that we need tests.